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Subsoil Legislation

Irina Paliashvili
Two Alternative Regimes for the Use of Subsoil in Ukraine

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Oil and Gas Tax Guide

Ekaterina Emelianova and Vladimir Abramov
Planning for Tax Rule Changes in 2006

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Nuran Kerimov, George Tavartkiladze, Yuliana Revyuk,
Batyrbek Kazybekov

The Taxation of Production Sharing Agreements in the CIS

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Foreign Investment

Oleg V. Fomichev
FDI Restrictions in Russia: Toward New Legislation

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Energy Law

International Conference on Energy Security
Speech by the Secretary General of the Energy Charter Secretariat, Mr Andre Mernier

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Andrei Konoplyanik
Russian Ukrainian Gas Dispute: Prices, Pricing and the ECT

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Practical Experience

Victor Mokrousov
Accessing the Boom: Oilfield Services in Kazakhstan

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Russian Economy Issues

Victor Eriksen
Priming Russias Economic Engine: A Review of 2005 Events in Russias Oil and Gas Sectors

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Alexander Golichenkov and Elena Yefimova
Environmental and Land Law Department of the Faculty of Law, Lomonosov Moscow State University

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CIS Legal Updates


Latest Changes to Russian Corporate Legislation.

Russian Energy Minister Sees Problems with Caspian Pipeline Venture.

Kyoto Protocol: Lack of Legislation Affects CO2 Emissions Trading Program in Russia.

Rights of Legal Entities to the Land Beneath Them Extension of Deadline... Again.

New IPO Rules Aimed At Limiting Russian Equity Outflow.


Ukraines Constitutional Amendments Take Effect on January 1, 2006.

The First Private Center for the Certification of Electronic Digital Signatures Accredited.

Ukraine Authorizes Ratification of UNIDROITs Financial Leasing and Factoring Conventions.


Changes to Fiscal Regime of Subsurface Use in Kazakhstan in 2006.

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Attention! We consider a bullet symbol "!" an integral part of the original design of RusEnergyLaw Journal. This symbol is essential to our journal design because it makes the reader pay special attention to the paragraphs that are pointed out with our "!" symbol.



Andrei A.Konoplyanik


Dr. Andrei A.Konoplyanik, Deputy Secretary General, Energy Charter Secretariat

Dear Colleagues,

Welcome to the first issue of RusEnergyLaw Journal in 2006.

This year began with a tempest of international attention and debate on the Russian-Ukrainian gas dispute. The conflict once again demonstrated what we well know: in the globalized, highly interdependent world of energy especially in gas with its greater-than-usual cross-border transport requirements – a bilateral energy dispute can escalate with multilateral complications.

Within this interdependent market the most effective tools for minimizing the risks of cross-border transport are instruments of international law, which bolsters the rationale for the Energy Charter. We need a multilateral framework to enable reliable energy supply and transit, based on open and competitive energy markets including transparent, market-based pricing mechanisms. The Energy Charter represents such a framework. You will see the Russian-Ukrainian gas dispute analyzed from this perspective in this issue.

In March, on the eve of the Russian Presidency of the G-8, an international conference held in Moscow emphasized the central concerns of the energy sector: reliable, secure and competitive energy supplies. The RusEnergyLaw Journal intends to further illuminate the concerns of international energy security in its forthcoming issues.

International energy security re- quires, among its higher priorities, a friendly and transparent investment regime throughout the supply chain beginning with the upstream industries, where risks are comparatively greater.

The current exorbitant oil prices resulted, to a large extent, from under investment in recent years. In the current global conditions of strong demand and relatively short production capacities, both upstream (production and trans- port) and midstream (refining), stimulating greater investment is critical for equilibrating supply and demand and lowering oil prices.

This issue features three articles analyzing different aspects of investment regimes in the upstream sectors in Russia, Ukraine, and Kazakhstan, including restrictions and constraints on Foreign Direct Investment. These three CIS countries feature two regimes governing FDI: Licensing, and Production Sharing Agreements (PSA). This dual-regime system originated in Russias experience in the mid-1990s, featuring the licensing regime based on the 1992 Law on the Subsoil, and the 1995 Law on PSA.

We hope that further improve- ments to both regimes will provide energy investors with better choices for their long-term, often multi-billion dollar investments, providing attractive returns on these investments, and growth and prosperity for the respective host countries.

Effective development and mana- gement of the energy industries requires the attention of scholars and educational specialists, including their attention to all legal aspects of the energy industry. In this issue you will meet the Environmental and Land Law Department of The Faculty of Law at Lomonosov Moscow State University, one of the prominent institutions producing this vital expertise.

We hope you will enjoy this issue of RusEnergyLaw Journal, and we invite your feedback on our mutual enterprise.


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